Bangladesh tea prices and sales up on quality

Friday, 10 January 2014 00:01 -     - {{hitsCtrl.values.hits}}

Reuters: Tea prices and sales rose at the weekly auction in Bangladesh on Tuesday on arrival of quality leafs although unrest continued after Sunday’s election that the main opposition boycotted. At the latest auction, Bangladeshi tea fetched an average of 197.11 taka ($ 2.53) per kg against 191.64 taka in the previous auction held on 31 December, an official from National Brokers Limited said. Nearly 2 million kg of tea was offered at the auction centre in Chittagong, with 19% remaining unsold. Almost the same volume was offered and 27% went unsold at the previous auction. Violent protests, shutdowns and transport blockades staged by the opposition have been crippling the country’s economic activity since late October. The unrest has shown no signs of abating since Sunday’s poll, with the opposition stretched its 48-hour shutdown to Wednesday. The South Asian country produces 60 million kg of tea a year against demand of 56 million.